Text analytics is a process of extracting meaningful information from unstructured data. Text analytics also known as text mining, supports the decision-making system.
This is an emerging technology prevalent among various industries such as Healthcare, FMCG, Telecom, BFSI,. Text analytics software help companies in understanding their customers better and determine customer demands and purchasing patterns by analyzing the data collected from various sources.
This also helps companies in gaining business intelligence, comprehending market dynamics and procuring significant insight into the competitive landscape of the market.
Risk management, growing industrialization and effective marketing strategies are some of the major factors that drive the market for text analytics in Asia-Pacific. The market for text analytics is expected to grow at a steady pace in Asia Pacific, due to high economic growth, rapid industrialization that produces bulk of unstructured data.
The Asia-Pacific text analytics market is segmented based on deployment model that includes on-premise model and cloud-based model. The end-user segment includes BFSI, FMCG, healthcare, government, telecom and retail.
Market by application for text analytics consist of predictive analytics, competitive intelligence, fraud detections, customer relationship management and brand reputation. To study the country wise scenario in Asia-Pacific, the text analytics market is bifurcated based on countries, which include China, Japan, India, South Korea, Australia and Rest of Asia (ROA).
Numerous prominent players have been operating in the market including SAP SE, Statistical Analysis System (SAS), Microsoft Corporation, Oracle Inc., (International Business Machine) IBM and others.
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